The Gaja Alternative Asset Management IPO, which operates under the Gaja Capital brand, opened for public subscription on 19 August and will close on 21 August. The Gaja Alternative IPO price band has been fixed at ₹152– ₹160 per equity share.
The Gaja Alternative IPO GMP currently stands at +14. Based on the upper end of the IPO price band and the prevailing grey market premium, the estimated Gaja Alternative share price at listing is ₹174 apiece, indicating a 8.75% premium over the IPO price of ₹160.
According to grey market trends observed over the past 9 sessions, the current GMP of ₹14 indicates negative sentiment. Throughout this period, the GMP fluctuated between ₹0.00 and ₹30, according to analysts.
The Gaja Alternative IPO listing date is scheduled for Wednesday, 26 August, with the shares set to list on both the NSE and BSE.
Gaja Alternative IPO subscription status
Gaja Alternative IPO subscription status was 16.57x on day 3, so far. The retail portion is subscribed 8.18x, and NII portion has been booked 44.37x, QIBs portion received 10.39 times bids.
The company has received bids for 41,96,24,370 shares against 2,53,28,946 shares on offer at 14:45 IST, according to BSE data.
The Gaja Alternative IPO allotment is scheduled to be finalised on Monday, 24 August.
Gaja Alternative IPO details
The Gaja Alternative IPO comprises a fresh issue of ₹450 crore and an offer-for-sale (OFS) of up to ₹100 crore by existing shareholders, including promoters. According to the red herring prospectus (RHP), the Gopal Jain-promoted Gaja Capital has reduced the size of both the fresh issue and OFS from ₹549.2 crore and ₹107 crore, respectively. The total IPO size was earlier pegged at ₹656.2 crore in the updated draft red herring prospectus filed in December 2025.
At the upper end of the price band, Gaja Alternative Asset Management is expected to command a post-listing market capitalisation of ₹2,256.16 crore.
The company plans to utilise ₹372 crore from the fresh issue proceeds towards sponsor commitments to certain existing and new funds and repayment of a bridge loan. The remaining proceeds will be used for general corporate purposes.
JM Financial and IIFL Financial Services have been appointed as merchant bankers for the Gaja Capital IPO.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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